Mortgage Matters Tips for navigating rate changes

Wondering what mortgage rate changes could mean for you? There are some measures you can take to help soften the impact of rate changes.

Whether you’re one of many Kiwis with a home loan or you are looking to borrow, now is a great opportunity to review your options. By taking the time to make a plan now, you can be well-positioned for what’s to come.

Borrowers with a fixed rate home loan may not be feeling the pinch of higher rates right now, but getting organised for when your fixed rate expires can help you in the future.

Make sure you understand your current interest rate and keep in close communication with your local mortgage adviser as rates change.

Consider locking in a rate early. Did you know that banks allow you to lock in a new rate in advance? The time frame depends on the lender, but tends to range from 30-60 days out from the refix date. To avoid uncertainty it may be an idea to consider your options sooner rather than later.

Take a close look at your budget, factoring in your current and potentially increased repayments so you can adjust your spending if needed to feel more financially fit. You could also consider making extra repayments. Paying more off your mortgage isn’t always possible, however, any extra payments could result in significant interest savings over time.

Now could be an excellent time to investigate other options, weigh up the pros and cons of refinancing and discuss opportunities with a specialist.

Whether you have a question about your mortgage repayments or you’re looking to borrow in the future, a mortgage adviser can help you explore your options.

Feel free to contact Ivan on 0275 775 995 or email ivan.urlich@mikepero.co.nz.

Ivan Urlich is a financial adviser specialising in mortgages, his disclosure statement is available free of charge on request.

New Zealand proves itself time and time again to be a melting pot of cultures, which is part of what makes people see us as one of the friendliest countries in the world. Within this multicultural exchange are the many beautiful and eclectic little shops with passionate owners bringing favourite items from their homeland to our shores, such as the gorgeous George and Charlotte boutique in Orewa.

George and Charlotte, not of the royal family but inspired by their names, is a UK clothing shop located along Orewa’s waterfront at 350E Hibiscus Coast Highway. It is currently the only store in New Zealand to have the rights to sell the Marks & Spencer brand, with M&S ladies nightwear, underwear and other bits and bobs being specialities of the store.

Alongside the M&S goodies you will also find other popular UK high street brands, including Mothercare and Debenhams. George and Charlotte have an emphasis on babywear, but stock clothing that ranges from new born and children’s wear to a seasonal range of adult clothing. The stock is regularly changing and growing, and now includes a selection of NZ local brands and environmentally friendly toys made locally on the Hibiscus Coast.

The driving force behind George and Charlotte is Sheena, who arrived in New Zealand 28 years ago from Cheshire. Now a local on the Coast, Sheena has a love of quality clothing and decided she wanted to share that love with her adopted neighbourhood. Her passion is to make every child feel like royalty at an affordable price. A mother herself, Sheena knows the value of good quality children’s clothing and uses her expertise of the UK brands to provide the best they have to offer through her shop.

George and Charlotte also gives back to the community by supporting many charities. They assist with raffles and sell some products where the proceeds go to Starship Hospital. Sheena spreads generosity and kindness where she can through these efforts, and those values are reflected in the welcoming atmosphere of the shop itself.

So after a walk on the beach and your morning coffee, pop in and check out what George and Charlotte have to offer – a great range of UK and local products, knowledgeable clothing advice from the lovely Sheena, a good chat with a UK/local and even a fluffy puppy to adore.

www.georgeandcharlottenz.com

Madison Smith | Features Contributor